Kotak Mahindra Bank is a well-reputed bank of India. It offers a variety of financial and banking assistance, including saving account, current account, fixed deposit, internet banking and much more for corporate and retail customers.
If you are willing to close your Kotak Mahindra Bank account, here are the easy steps and a complete guide to help you close the account efficiently.
Follow the easy step to Close Kotak Mahindra Bank Account
If you are interested in closing the Kotak Mahindra Bank account, here are the following steps that you should follow to close the account easily.
Additionally, Kotak Mahindra Bank provides an online option to open a bank account with your pan and aadhar card. Conversely, to close a Kotak Mahindra bank account, customers must visit their bank branch and submit an account closure request.
- Step #1: Download the account closure form from the official website of Kotak Mahindra bank.
There is an account closure form that an account holder has to submit to close the Kotak Mahindra bank account. To load the account closure form, go to the official website of the bank and download the Kotak Mahindra Bank account closure form or receive it from your bank branch.
- Step #2: Fill-up the account closure form correctly
After downloading the account closure form from the official website, account holders must fill the form carefully without making a single mistake. During filling the form, you have to include the following information therein-
- Name of Applicant
- Bank Account numbers you would like to close
- Your Linked Mobile number
- You must explain and give your opinion on how you expect to receive your remaining funds from the bank. You have the option of paying through cash, cheque, DD and fund transfer to another bank.
- Step #3: Self-attach your KYC documents
With the completion of the account closure form, all account holders need to attach a copy of KYC documents such as a PAN card copy, aadhar card as proof of address. The account holder may also be asked to self-attest these documents.
- Step #4: Submit your account closure form to your bank branch
After completing the form with accurate details and self-attesting KYC documents, submit it to the branch manager. Hand over your debit card, cheque book, and passbook to the bank manager. Don’t forget to bring a recipient slip after submitting all the documents.
- Step #5: Your account gets closed within a few days
Once the verification process is completed, your account will be closed within 7-10 days. The bank will notify you with an email or SMS on your registered email ID and mobile number.
Note:- If you face any kind of difficulty while closing your bank account in Kotak Mahindra, you directly call on the 18602662666 number. The customer care executive will answer your call, help you solve the problem, and help close your bank account.
Important things keep in mind before closing the Kotak Mahindra bank account
There are a number of considerations that an individual has to complete and keep in mind before closing teh Kotak Mahindra Bank account.
- If you decide to close your bank account, don’t forget to withdraw your remaining amount.
- Before closing an account, make sure to open a new bank account to transfer your remaining bank balance.
- At various stages, you are required to show your bank statements; thus, make sure to record your bank statement and initial payments that you made with your old bank account.
- Clear all the dues in the bank to avoid hassles and difficulties while closing the Kotak Mahindra bank account.
- An important thing to keep in mind, once you close the KMB account, you can never reopen the account.
Kotak Mahindra Bank Account Closure Form
It’s easy for an individual to get the Kotak Mahindra Bank account closure form; you can download it or alternatively get it from the bank branch. It’s simple to download the closure form from the website or as mentioned below:
Kotak Mahindra Bank account closing charges
Kotak Mahindra bank induced an account closing charge from the individuals who desired to close the account. It is critical to be aware of the charges while closing the bank. In Kotak Mahindra Bank, the charge is nil if you close the account before 30 days from the opening. You don’t need to pay any account closing charge. But if you close the account within 30-181 days, the bank will charge an amount of 600 that a customer needs to pay. Plus, the bank can also charge some GST amount that depends upon your account type.
Frequently Asked Questions
What happens when I don’t have a minimum balance in the Kotak Mahindra bank account while closing it?
If your account balance is less than the required minimum account balance, the bank will charge a non-maintenance fee, and you might face difficulty in closing the account.
Can I close my bank account without visiting the bank?
The answer is ‘NO’. You can download your account closure form online, but you have to visit your bank branch to submit the form along with all KYC documents.
Is it necessary to maintain a minimum balance in a bank account?
Yes, it is necessary for account holders to maintain a minimum account balance; if you aren’t capable of maintaining it, the bank penalizes you and charges a penalty fee.
Could we close our Kotak Mahindra bank account through net banking?
Closing of Kotak Mahindra bank accounts through net banking is not applicable. You cannot close your bank account through net banking because Kotak Mahindra does not provide this option.
Can I close the Kotak Mahindra bank account with a negative balance?
Unfortunately, you can find many difficulties while closing the Kotak Mahindra bank account with a negative balance.
Is it possible to close the Kotak Mahindra bank account online?
No, you can’t close Kotak Mahindra bank accounts online. To close the bank account, you need to visit the branch and submit the account closing form.
Is the KYC document required while submitting the Kotak Mahindra bank account closure form?
Yes, while submitting the account closure form, the bank staff will ask you to submit the KYC documents for the verification process. Thus, it’s necessary to attach the KYC documents along with the account closure form.
How do I get my remaining balance from Kotak Mahindra bank while closing the account?
While filling the account closure form, you have to mention how you accept your remaining account balance by cheque, cash, DD, fund transfer to another bank branch. In this way, you can receive your remaining amount from Kotak Mahindra Bank.
Can I close the Kotak Mahindra Bank account before one year?
Yes, anyone can close the bank account before a year in Kotak Mahindra Bank; the bank will just charge an account closing amount that a customer needs to pay.
What if an individual will not pay a negative amount to Kotak Mahindra Bank?
If you fail to pay the negative charges, you may face several negative consequences. The bank can also take legal actions that may cause barricades to open another bank account in future.